100 Level Courses

ECON 100:Economics for the Citizen. 3 credits.

Not available to economics majors. Broad introduction to economic concepts and how they can contribute to a better understanding of the world around us. Applies and develops concepts to current economic and social problems and issues. Less formal modeling than in the 103-104 sequence. Offered by Economics. May not be repeated for credit.

Introduces macroeconomics in the context of current problems. National income analysis, money and banking, economic growth and stability, unemployment, inflation, and role of government. Offered by Economics. Limited to three attempts.

Introduction to economic concepts and how they can be applied to environmental policy issues such as air and water pollution, climate change, natural resource use, and sustainability. Focus is on concepts, policy, and case studies rather than formal modeling exercises. Offered by Economics. May not be repeated for credit.

Introduces economics as an observational science, covering personal vs. impersonal exchange, strategic interdependence and game theory, group decision making, and market design. Offered by Economics. May not be repeated for credit.

200 Level Courses

ECON 296:Special Topics in Economics. 3 credits.

Provides coverage of a specialized topic in economics at the introductory level. Topics vary by section. Notes: May be repeated for credit when topic is different. Offered by Economics. May be repeated within the term for a maximum 9 credits.

300 Level Courses

ECON 306:Intermediate Microeconomics. 3 credits.

Basic factors of price and distribution theory: analysis of demand, costs of production and supply relationships, and price and output determination under various market structures. Offered by Economics. Limited to three attempts.

Analysis of major strategic business situations including pricing strategy, incentives and contracts, game theory, and vertical and horizontal integration. Offered by Economics. May not be repeated for credit.

Economic problems in light of current and proposed public policies. Topics include environmental issues, international trade policies, and regulatory issues and their historical roots. Offered by Economics. May not be repeated for credit.

Monetary, commercial, and central banking systems, with particular emphasis on their relationship with American government programs, fiscal policies, and controls. Offered by Economics. Limited to three attempts.

Aggregate economic accounts, including measuring national income; determinants of levels of income and output; and causes and solutions for problems of unemployment, inflation, and economic growth. Offered by Economics. Limited to three attempts.

Recommended Prerequisite: ECON 103 and 104 or permission of instructor.

Defines factors that determine levels of wages and employment, and economic consequences. Emphasizes recent developments in unionism, collective bargaining, and industrial technology. Offered by Economics. May not be repeated for credit.

Covers intergovernmental financial relationships; types, incidences, and consequences of taxation; other sources of governmental income; governmental expenditures and their effect; public economic enterprises; public borrowing; and debt management and its economic effect. Offered by Economics. May not be repeated for credit.

Microeconomic analysis of environmental problems. Topics include externalities and market failure, alternative solutions and policies, problems in monitoring and enforcement, economic analysis of development of legislation and regulation, and applications to current policy issues. Offered by Economics. May not be repeated for credit.

Applies the basic principles of economics to teach students to think critically about nonprofit institutions. Examines the economics of nonprofit institutions, how incentives influence the evolution of charities, and current issues in nonprofit organizations. Offered by Economics. May not be repeated for credit.

Issues of economic development as applied to Africa. Includes overview of early economic history in Africa and post-independence development, and contemporary development problems. Offered by Economics. May not be repeated for credit.

Possible topics include ancient, medieval, modern European, and American economic history, using econometric analysis as necessary. Notes: May be repeated when topic is different. Offered by Economics. May be repeated within the term for a maximum 6 credits.

Applies basic economic concepts and principles to issues facing the U.S. and global economies. Topics include productivity and economic growth, taxes, healthcare, globalization, income distribution and financial crises, with an emphasis on market structure, social institutions and the not-always rational behavior of investors and consumers. Offered by Economics. May not be repeated for credit. Equivalent to GOVT 367.

Microeconomic analysis of health and medicine. Topics include the determinants of health, health externalities, health insurance, the health effects of medicine, the supply and demand of medicine, medical quality and regulation, and information asymmetries. Offered by Economics. May not be repeated for credit.

Examines problems and achievements of formerly communist and socialist countries including China, Eastern European countries, and Russia and other countries of the former Soviet Union as they transition to more market-oriented economies. Includes market economics and central planning. Offered by Economics. May not be repeated for credit.

Introduces economic way of thinking on trade and international finance. Presents historical and current information on consequences of trade and protectionism. Notes: May not be applied toward the elective course requirement needed for a major or minor in economics. Offered by Economics. Limited to three attempts.

Introduces game theory and its relevance for analyzing framework of rules and institutions within which economic processes occur. Applies game theoretical concepts to comparative analysis of causes and effects of alternative institutional arrangements. Offered by Economics. May not be repeated for credit.

Economic analysis of the law. Topics include introduction to legal institutions and legal analysis; application of economic concepts to the law of property, contracts and torts, criminal and constitutional law; economic efficiency of common law; and public choice perspective on the evolution of the law. Offered by Economics. May not be repeated for credit.

Examines models of balance of payments, exchange rate behavior, and open economy macroeconomics. Includes international financial system and issues such as globalization and international financial instability. Offered by Economics. May not be repeated for credit.

Recommended Prerequisite: ECON 306 and 311, or permission of instructor.

Provides a survey of financial economics including a brief overview of the U.S. and international financial system and the role of different financial institutions. Covers the leading theoretical models in the field. Offered by Economics. May not be repeated for credit.

Examines various issues in the energy industry using tools from microeconomic theory, law and economics and public choice. Topics include issues related to oil, historical and current energy regulation, and environmental issues associated with energy. Offered by Economics. May not be repeated for credit.

Introduces design principles to develop systems to allocate resources. Students must participate in experiment demonstrations of different allocation mechanisms. They also are exposed to experimental methods in economics and market design. Offered by Economics. May not be repeated for credit. Equivalent to SYST 480.

Requires students to design and develop mechanism to specific allocation problem. Students develop analytical and working engineering models of their mechanism. Offered by Economics. May not be repeated for credit.

Involves students in developing experimental design to test proposed allocation solution. Design process includes construction of experimental parameters, treatments, and initial test in laboratory setting. Offered by Economics. May not be repeated for credit.

Topics include comparing two or more treatments, and computing and interpreting analysis of variance. Discusses randomized block, Latin square, and factorial designs; and applications to economics experiments. Offered by Economics. May not be repeated for credit.

Recommended Prerequisite: STAT 250 or 344, or MATH 351, or IT 250, or permission of instructor.

Covers issues in the philosophy, economics, and political science of institutions, information, and collective action. Through case studies of existing legal and political institutions, applies the insights to problems in politics, policy making, social-choice theory, and social, moral, and political philosophy. (Specific content varies). Notes: Serves as the capstone course for the PPE program. Offered by Economics. May not be repeated for credit. Equivalent to GOVT 469, PHIL 460.

Examines various issues surrounding concepts of regulation using tools from microeconomic theory and public choice. Topics include antitrust, rate regulation, policy rationales for regulation, and issues of current interest. Offered by Economics. May not be repeated for credit.

Developments in economic thought from 1500 to the present. Emphasizes historical origins, impact on contemporary economics, and theoretical validity. Offered by Economics. May not be repeated for credit.

Recommended Prerequisite: ECON 306 and 311 or permission of instructor.

Study abroad under supervision of George Mason faculty. Course topics, content, and locations vary. Notes: May be repeated with permission of department. Offered by Economics. May be repeated within the degree for a maximum 12 credits.

Honors-level research on a self-selected topic in economics culminating in a substantial research paper and an oral presentation. Notes: Requirements for departmental honors in the major are in addition to the coursework required for the major. ECON 495 credit may not be applied toward the elective course requirement needed for a major or minor in economics. Offered by Economics. May be repeated within the degree for a maximum 6 credits.

Specialized Designation: Research/Scholarship Intensive

Recommended Prerequisite: ECON 494 with minimum grade of B or permission from the instructor with an approved research proposal.

500 Level Courses

ECON 535:Survey of Applied Econometrics. 3 credits.

Applied introduction to estimating economic relationships. Includes simple equation and simultaneous equation system estimation. Non-Degree students are permitted to enroll based on space availability determined one week before the first day of classes AND on meeting the prerequisites AND with permission of instructor. Offered by Economics. May not be repeated for credit.

Recommended Prerequisite: Admission to master’s program in economics or OM 210 or STAT 250 and 350, and ECON 306 and 311, and MATH 113; or permission of instructor.

Registration Restrictions:

Enrollment limited to students with a class of Advanced to Candidacy, Graduate, Non-Degree or Senior Plus.

Enrollment is limited to Graduate, Non-Degree or Undergraduate level students.

600 Level Courses

ECON 611:Microeconomic Theory. 3 credits.

Covers theory of behavior of consumers, firms, and resource suppliers; theories of choice under risk and uncertainty; partial equilibrium analysis of competitive and noncompetitive markets; general equilibrium analysis; and welfare economics. Introduces capital theory. Notes: Non-Degree students are permitted to enroll based on space availability determined one week before the first day of classes AND on meeting the prerequisites AND with permission of instructor. Offered by Economics. May not be repeated for credit.

Recommended Prerequisite: Admission to master's program in economics or ECON 306 and 311, and MATH 113; or permission of instructor.

Registration Restrictions:

Enrollment limited to students with a class of Advanced to Candidacy, Graduate, Non-Degree or Senior Plus.

Enrollment is limited to Graduate, Non-Degree or Undergraduate level students.

Nature of the firm; theory of supply; and production functions, factor pricing, and supplies. Introduces microeconomic foundations of theories of public finance and public choice. Notes: Non-Degree students are permitted to enroll based on space availability determined one week before the first day of classes AND on meeting the prerequisites AND with permission of instructor. Offered by Economics. May not be repeated for credit.

Survey course covering monetary theory, theories of consumption and saving, budget deficits, economic growth, international finance, and monetary and fiscal policies. Notes: Non-Degree students are permitted to enroll based on space availability determined one week before the first day of classes AND on meeting the prerequisites AND with permission of instructor. Offered by Economics. May not be repeated for credit.

Recommended Prerequisite: Admission to master's program in economics, or ECON 306 and 311, and MATH 113; or permission of instructor.

Registration Restrictions:

Enrollment limited to students with a class of Advanced to Candidacy, Graduate, Non-Degree or Senior Plus.

Enrollment is limited to Graduate, Non-Degree or Undergraduate level students.

Includes set theory, function, differential calculus, integration, series, and matrix algebra, with special emphasis on economic applications. Notes: Non-Degree students are permitted to enroll on space availability determined one week before the first day of classes AND on meeting the prerequisites AND with permission of instructor. Offered by Economics. May not be repeated for credit.

Recommended Prerequisite: Admission to master’s program in economics, or ECON 306 and 311, and MATH 113, or permission of instructor.

Registration Restrictions:

Enrollment limited to students with a class of Advanced to Candidacy, Graduate, Non-Degree or Senior Plus.

Enrollment is limited to Graduate, Non-Degree or Undergraduate level students.

Introduces analytical and engineering principles to develop exchange systems. Students must become familiar with literature on applied mechanism design; and understand behavioral aspects of auction systems, matching, assignment and transportation problems, and information markets. Also introduces methods for testbedding systems using experimental economics and statistical design. Offered by Economics. May not be repeated for credit.

Recommended Prerequisite: A course in linear and nonlinear optimization along with a course in linear algebra.

Registration Restrictions:

Enrollment limited to students with a class of Advanced to Candidacy, Graduate, Non-Degree or Senior Plus.

Enrollment is limited to Graduate, Non-Degree or Undergraduate level students.

Techniques of estimating relationships between economic variables. Introduces multiple regression and problems associated with single equation model-autocorrelation, multicollinearity, and heteroscedasticity. Notes: Non-Degree students are permitted to enroll based on space availability determined one week before the first day of classes AND on meeting the prerequisites AND with permission of instructor. Offered by Economics. May not be repeated for credit.

Recommended Prerequisite: Acceptance to PhD program in economics, or permission of instructor.

Registration Restrictions:

Enrollment limited to students with a class of Advanced to Candidacy, Graduate, Non-Degree or Senior Plus.

Enrollment is limited to Graduate, Non-Degree or Undergraduate level students.

700 Level Courses

ECON 715:Macroeconomic Theory I. 3 credits.

Covers classical, neoclassical, Keynesian, and post-Keynesian theories of income and employment determination; theories of inflation and growth; and demand for money and implications for effectiveness of monetary vs. fiscal policy. Notes: Non-Degree students are permitted to enroll based on space availability determined one week before the first day of classes AND on meeting the prerequisites AND with permission of instructor. Offered by Economics. May not be repeated for credit.

Recommended Prerequisite: Admission to doctoral program in economics, or permission of instructor.

Research on approved thesis topic under direction of thesis committee. Notes: Students must register for a minimum of three credit hours in their first semester of 799 and maintain continuous enrollment in 799 while writing and submitting a thesis. A maximum of 6 credits of 799 may be applied to the degree. Offered by Economics. May be repeated within the degree.

Recommended Prerequisite: Admission to MA economics program and permission of thesis advisor.

800 Level Courses

ECON 811:Microeconomic Theory I. 3 credits.

Theory and applications of behavior of consumers, firms, and resource suppliers. Partial equilibrium analysis of various market structures and introduction to intertemporal choice and capital theory. Review and analysis of classic works in microeconomic theory. Notes: Non-Degree students are permitted to enroll based on space availability determined one week before the first day of classes AND on meeting the prerequisites AND with permission of instructor. Offered by Economics. May not be repeated for credit.

Recommended Prerequisite: Admission to doctoral program in economics, or permission of instructor.

Examines nature of firm; theory of supply; and production functions, factor pricing, and supplies. Introduces microeconomic foundations of theories of public finance and public choice. Notes: Non-Degree students are permitted to enroll based on space availability determined one week before the first day of classes AND on meeting the prerequisites AND with permission of instructor. Offered by Economics. May not be repeated for credit.

Aggregate economic activity and price levels with emphasis on dynamic models. Notes: Non-Degree students are permitted to enroll based on space availability determined one week before the first day of classes AND on meeting the prerequisites AND with permission of instructor. Offered by Economics. May not be repeated for credit.

Recommended Prerequisite: ECON 715 and 811 or permission of instructor.

Theory of mechanisms through which central banking affects economic activity and prices. Analyzes demand for money and its relationship to economic activity. Develops monetary theory with emphasis on current theories and controversies in the field. Offered by Economics. May not be repeated for credit.

Recommended Prerequisite: ECON 615 or 715 and 535 or 637, or permission of instructor.

Explores major figures in history of economic thought and tools of analysis they created. Emphasizes classical, neoclassical, and Keynesian theories. Offered by Economics. May not be repeated for credit.

Offers economic analysis of various historical epochs including Industrial Revolution, evolution of political reform, rise of unions, and growth of government. Offered by Economics. May not be repeated for credit.

Specific issues related to political economy of public policy, including privatization, political economy of deficit spending, regulation and deregulation, and economics of rent seeking. Offered by Economics. May not be repeated for credit.

Recommended Prerequisite: ECON 611 or 811; or permission of instructor.

Analyzes philosophical organization, including interrelations between economics and legal and political institutions; philosophical presuppositions of capitalist economy under constitutional democracy; alternative presuppositions for non-capitalist economies; and critical evaluation of history of ideas in social and moral philosophy. Offered by Economics. May not be repeated for credit.

Recommended Prerequisite: ECON 611 or 811 or permission of instructor.

Analyzes existing and proposed elements of economic constitution. Emphasizes fiscal, monetary, transfer, and regulatory powers of government and constitutional limits on such powers, especially in the United States. Includes analysis of proposed changes in limits. Offered by Economics. May not be repeated for credit.

Recommended Prerequisite: ECON 611 or 811 or permission of instructor.

Analyzes framework of rules and institutions for economic activities and transactions. Includes emergence and working properties of different institutions, and classical and contemporary approaches to economic theory of institutions. Offered by Economics. May not be repeated for credit.

Recommended Prerequisite: ECON 611 or 811 or permission of instructor.

Includes algebra and multivariate calculus applied to advanced economic problems. Also covers unconstrained and constrained optimization, formal models of market equilibrium, and models of economic dynamics in continuous and/or discrete time. Notes: Non-degree students are permitted to enroll on space availability determined one week before the first day of classes AND on meeting the prerequisites AND with permission of instructor. Offered by Economics. May not be repeated for credit.

Develops the foundations of choice, price, and general equilibrium theory. Topics include choice, preference and utility; consumer demand; competitive firms; general equilibrium; and social choice and welfare. Special attention is paid to uncertainty and dynamic choice. Offered by Economics. May not be repeated for credit.

Recommended Prerequisite: Admission to doctoral program in economics, or ECON 306 and 311, and MATH 113; or permission of instructor.

Explores the moral philosophy of Adam Smith, with a focus on The Theory of Moral Sentiments, which is studed cover-to-cover in "Great Books" fashion. Offered by Economics. May not be repeated for credit.

Registration Restrictions:

Enrollment limited to students with a class of Advanced to Candidacy, Graduate or Non-Degree.

Structure of American industry and underlying determinants. Includes structure and conduct on industrial performance in light of theory and empirical evidence; and rational antitrust policy and analysis of impact on structure and performance. Offered by Economics. May not be repeated for credit.

Recommended Prerequisite: ECON 611 or 811 or permission of instructor.

Covers relationship of law, economics, and theories of social control of property rights. Includes theories of market structure and industrial performance. Offered by Economics. May not be repeated for credit.

Theoretical and institutional analysis of government expenditure, taxation, debt management, and intergovernmental fiscal relations. Includes allocative and distributional effects of alternative tax and subsidy techniques, principles of benefit cost, and cost-effectiveness analysis for government decisions. Offered by Economics. May not be repeated for credit.

Recommended Prerequisite: ECON 611 or 811 or permission of instructor.

Applies public choice approach to study such topics as causes and consequences of governmental growth, behavior of public bureaucracies, and economic reasoning behind constitutional limitations on size and growth of government. Offered by Economics. May not be repeated for credit.

Explores the economics of non-market decision making. Considers the application of rational choice theory to decision making by a variety of persons who are neither traditional buyers nor sellers in a variety of contexts that are not traditional markets. Offered by Economics. May not be repeated for credit.

Explores forces contributing to or retarding economic progress in developing countries. Includes role of foreign trade, economic integration, foreign investment, multinational corporations, and technological transfers. Offered by Economics. May not be repeated for credit.

Recommended Prerequisite: ECON 611 and 615, or 715 and 811, or permission of instructor.

Studies classical, neoclassical, and modern theories of international trade; theory and practice of world trade models such as project LINK; foreign investment and economic growth, tariffs and nontariff barriers, and economic integration; and recent developments, with emphasis on natural resources. Offered by Economics. May not be repeated for credit.

Recommended Prerequisite: ECON 611 or 811 or permission of instructor.

Examines international adjustment mechanism, price and income effects, controls, and monetarist approach; development of international monetary system; demand for international reserves; capital movements; and role of International Monetary Fund. Offered by Economics. May not be repeated for credit.

Recommended Prerequisite: ECON 615 or 715 or permission of instructor.

Continuation of ECON 880. Explores the market-process approach to analyzing capital accumulation and growth; money and credit institutions; inflation and unemployment; and industrial fluctuations. Offered by Economics. May not be repeated for credit.

Designed for graduate students to learn how experimental methods can be used to inform economic research and practice. Students expected to have working understanding of basic economic concepts and multivariate calculus. Offered by Economics. May not be repeated for credit.

Recommended Prerequisite: ECON 611 or 811 or permission of instructor.

Designed for graduate students who have taken Experimental Economics and Economic Systems Design and are applying experimental methods to their own or collaborative research projects. Offered by Economics. May be repeated within the degree for a maximum 6 credits.

Research on approved dissertation topic under direction of dissertation committee. Notes: 24 credits may be applied to doctoral degree requirement. Offered by Economics. May be repeated within the degree.